Photo: Shutterstock
$100 million in cash, plus up to $35 million in milestone payments
Photo: Shutterstock

Stryker buys Surpass Medical for $135M

American medical device maker acquiring Israel-based company which develops stent technology for treatment of brain aneurysms

Medical device maker Stryker Corp. said Tuesday that it had reached a deal to buy privately held Surpass Medical Ltd. for $100 million in cash, plus up to $35 million in milestone payments.


The Israel-based company was founded in 2005 and has manufacturing and research and development operations in Miramar, Florida. It is currently developing and commercializing stent technology for the treatment of brain aneurysms, Stryker said.


Surpass` key product, the NeuroEndoGraft family of flow diverters, is designed to redirect blood flow away from an aneurysm, allowing a stable clot to be formed within the aneurysm pouch.


The NeuroEndoGraft is CE Marked with a limited launch underway outside the US. In addition, the company will begin enrolling patients in an IDE clinical trial in the fourth quarter of 2012.


"The acquisition of Surpass Medical further builds on Stryker`s global platform in the fast growing and highly innovative neurovascular market and helps broaden our offering in Complete Stroke Care," said Kevin A. Lobo, president and chief executive officer.


"We remain committed to furthering care in the interventional neurovascular space by offering patients and caregivers differentiated products that improve outcomes and help save lives."


Stryker said the addition of Surpass expands its product lineup in the fast-growing neurovascular market, while also broadening its stroke care product offerings.


Stryker said it doesn't expect the deal, which should close during the fourth quarter, to affect its 2012 earnings per share, excluding acquisition- and integration-related charges.


Stryker is one of the world`s leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care.


The company offers a diverse array of innovative medical technologies including reconstructive implants, medical and surgical equipment, and neurotechnology and spine products to help people lead more active and more satisfying lives.


The Associated Press and Reuters contributed to this report



פרסום ראשון: 10.17.12, 07:19
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